Protect yourself and your family with debt protection
Debt protection can give you peace of mind knowing that you’ve reduced your financial risk if life takes an unexpected turn.
Learn more about Debt protection
What is debt protection?
Debt protection is a simple, cost effective way to cancel your loan balance or reduce your monthly payment if life takes an unexpected turn. It helps relieve financial stress for you and your loved ones if you become disabled, unemployed or pass away. Debt protection is available only on eligible loans issued by Meritrust Credit Union.
What's covered?
Depending on the plan you select, debt protection cancels your outstanding balance if you pass away. It can also cancel your monthly payments for a specified period if you become disabled or involuntarily unemployed. All benefits are subject to plan-specific maximums. Ask your loan officer for coverage details.
Is this the right product for me?
Debt protection protects your credit rating by preventing default on a loan due to unexpected life events. Coverage is conveniently included in your monthly payment, so you don't have to think about it. You'll have peace of mind knowing that you've reduced your financial risk so you can focus on what matters most.
Who is eligible?
Please contact us at 800.342.9278 to find out if you are eligible for debt protection coverage.
What else should I know?
This coverage is optional and won't affect your application for credit. You can cancel coverage at any time. Involuntary unemployment that occurs within 90 days of enrollment will not be covered.
This product is optional
Your purchase of debt protection is optional. Whether or not you purchase this product will not affect your application for credit or the terms of any existing credit agreement you have with us.
Additional disclosures
We will give you additional information before you are required to pay for debt protection. This information will include a copy of the contract containing the terms and conditions of debt protection.
Eligibility requirements, conditions and exclusions
There are eligibility requirements, conditions and exclusions that could prevent you from receiving debt protection benefits. You should carefully read your debt protection contract for a full explanation of the terms and conditions of the debt protection program. The Contractual Liability Policy is issued by Securian Casualty Company, a New York authorized insurer. Minnesota Life Insurance Company acts as the administrator of the debt protection program. Product availability and features may vary by state. Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc.
